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Monarch reports gains in the last quarter

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Monarch reports gains in the last quarterReading Time: 2 minutes

 

US-based Monarch Casino and Resort, which owns Atlantis Casino in Reno, Nevada and the Monarch Black Hawk in Colorado, has reported a profit in the last quarter. The company reported a net revenue of $66.3m for the quarter ended on September 30, which is slightly higher than the $63m revenue reported in the same quarter of last year.

Net income was $10.8m compared with $9m, reports the company. John Farahi, co-chairman and CEO said: “Monarch’s long-term growth opportunity is taking shape as our operating results continue to benefit from the initiatives to leverage our market-leading amenities and customer service in two of the country’s most attractive gaming markets. With our significant development of Monarch Casino Black Hawk proceeding, we expect to benefit from the property’s optimal location and position as the market’s newest casino resort when our expanded resort amenities open in the summer of 2019.”

“Reflecting solid third quarter performance at both Atlantis Casino Resort and Monarch Casino Black Hawk, we generated record breaking top and bottom line financial results, including 2.1 per cent year over year revenue growth and 5.1 per cent Adjusted EBITDA growth.”

Both Atlantis and Monarch Casino Black Hawk benefited from good visitation and strong slot play trends while non-gaming revenue performance remained healthy as our guests value the market-leading entertainment and amenities our properties provide. Our performance in Black Hawk, which remains under heavy construction, demonstrates both our ability to drive further growth and the long-term potential of the Black Hawk market.

“Our solid third quarter results were achieved despite the impact of continued wage pressure, ongoing construction disruption in Black Hawk and increased expenses related to some management-level hiring in Black Hawk as we begin to prepare for the expanded operation. Furthermore, our casino results at Atlantis Casino Resort were again impacted by abnormally low table games hold.”

 

Source: Monarch Casino Resort


Source: Latest News on European Gaming Media Network

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Rank Group appoints Tang Hong Cheong as non-executive director

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The Malaysian executive, Tang Hong Cheong has been appointed as a non-executive director at UK gambling operator Rank Group Plc.

He served as President and CEO of Asian firm Guoco Group since 2016. Tang Hong Cheong has also worked as Chief Executive of Malaysian investment conglomerate Hong Leong Group. His expertise as a C-level executive includes corporate financing, risk management, transformation projects and strategic planning.

“I am pleased to welcome Hong Cheong to the Rank board. Hong Cheong has been working with the management of Rank since 2010 and has a broad understanding of the operational, financial and business aspects of the Company,” Rank Group Plc chairman Ian Burke said. He added: “With Hong Cheong joining the board, he will be able to further enhance the communication between Rank and its major shareholder and, with his extensive commercial experience, be able to bring valuable contributions to the Rank board.”

 


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Rank Group appoints Tang Hong Cheong as non-executive director

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Delaware continued it’s strong performance in December

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Delaware continued it's strong performance in DecemberReading Time: 1 minute

 

Delaware shows another strong performance on legalised sports betting in December. An increase in stakes on its online gaming market pushed annual revenue for the sector up 8 per cent year-on-year.

Net proceeds from legal sports betting amounted to $2.2m last month, up from $1.1m in November. This was mainly down to players winning less in December, with the $13.6m.

Delaware Park remains the main source of sports betting income for Delaware, with revenue in December amounting to $1.5m, from handle of $10.8m. Since launching legal sports betting on June 24, Delaware has generated revenue of $8.9m in total, with punters staking $87.0m.

There is good news for Delaware’s struggling online gaming market after a strong performance in December helped push full-year revenue to $2.6m, up by 8 per cent on $2.4m in 2017.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Delaware continued it’s strong performance in December

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Poland to fight against tax crimes

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A law has been prepared by the Ministry of Justice, which allows effective counteracting organised crime, especially tax crime, illegal circulation of alcohol, cigarettes and electronics or illegal gambling. This is done by the amendment of the Penal Code prepared in the Ministry of Justice.

The new law aimed at criminals who are cheating on taxes, duties or excises.

Revenues from VAT to the state budget in 2017 increased by PLN 30 billion, which is by almost a quarter compared to the previous year. This is more than all year spending on the “Rodzina 500+” programme.

The next action is far-reaching changes in the Penal Fiscal Code. They are necessary because the obsolete law (the Penal Fiscal Code Act has not undergone a deeper amendment for 10 years) means that huge amounts instead of, for example, social purposes go to the pockets of criminals who cheat on taxes, duties or excises.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Poland to fight against tax crimes

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